Mid-day look at gold, crude and Treasuries

Gold Apr Contract (GC, ETF: (GLD))Confirming Monday's breakout on Tuesday didn't prevent Wednesday's knee-jerk reaction down to CPI, even after having probed fresh highs overnight above 1339.00. But the dip to $1319.00 per ounce was recovered entirely and well into positive territory attacking 1359.00. Holding 1350.50 as support keeps the rally alive, next targeting 1366.00. Back under 1341.00 would reverse momentum back down.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))Wednesday's knee-jerk reaction down to CPI filled the gap back to Monday's close down to 1.2300 and reversed up to retrace the reaction. The reversal extended sharply to 1.2465 resistance, needing to close above 1.2435 to maintain the rally's momentum.

30-year Treasury Mar Contract (US, ETF: (TLT))Fluctuating around and above 144-12 for a couple of days created a position of strength for the expected retest of Sunday night's 143-04 low to hold. Wednesday's CPI reaction probed it down to 149-09, which doesn't equate to being a buy signal, but now recovering 144-12 would seal a bottom.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))Tuesday's retest of Friday's 58.10 low was itself retested at Wednesday's open. But it didn't break lower, and only bounced back to 59.80, then higher. It is not a bottoming pattern, but a corrective bounce does have room up to 60.75 before suggesting the downside momentum is lapsing.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))Wednesday's opening weakness filled the gap back down to Monday's close and held. Thursday's rally isn't being greeted from the position of weakness of having "unfinished business below," but already reversing up would have been bullish.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes "Trading Plan" and more each session at the blog http://IfThenSignals.com.